Dyal snaps up credit, RE stakes

Dyal has completed four deals this year, following investments in Vector Capital and Clearlake Capital Group.

Dyal Capital Partners has completed a pair of GP-interest deals with the acquisition of minority stakes in real estate firm Round Hill Capital and direct lender HPS Investment Partners.

New York-based Dyal, part of Neuberger Berman, acquired a passive, non-voting stake in real estate investment, development and asset management house Round Hill, according to a statement. The London-headquartered firm manages around $6 billion of assets, according to data from sister publication PERE. Dyal made a similar investment in HPS, which manages $31 billion in private credit including both senior and mezzanine debt.

Terms of the deals were not disclosed.

“This investment allows Round Hill to continue to strategically focus on penetrating its existing real estate markets alongside our institutional investor base and to continue to expand into new sectors and global geographic locations,” Round Hill founder and chief executive Michael Bickford said in the statement.

In April the firm took a minority position in private equity firm Vector Capital and in May it invested in special situations and distressed debt shop Clearlake Capital Group, taking a passive, non-voting stake. Clearlake will use its investment proceeds to seed a performing credit fund.

Its portfolio also includes San Francisco-based Vista Equity Partners, which manages over $30 billion in assets across private equity, credit, and public equity, and large-cap technology investor Silver Lake, which manages $39 billion across buyout, growth and debt.

Dyal was understood to have been aiming to wrap up its fourth vehicle at the end of June after holding a second close on $4.9 billion in April, Private Equity International reported.

– Andrew Hedlund contributed to this report.